Jim Coulter, CEO and founding partner, TPG: Health care. "There's a huge disruption going on and it's not attached to the rest of the economy."

Robert Smith, founder, chairman and CEO, Vista Equity Partners: 3-D Printing. "That whole technology, that sphere of influence, will actually change a number of industries ... and will be a massive disruption."

He noted opportunities in lending to companies in need—"credit" investing—where private equity firms like Apollo could fill the void of reduced bank loans.

Schwarzman added that private equity funds such as Blackstone are at least set up to wait for the right opportunity over several years.

"We're like basketball teams without the 24 second clock. We don't have to shoot," Schwarzman joked. "I like easy shots. ... You can do that if you hold the ball for four minutes and don't turn it over."